Chemical company passes funding test

Auckland life-science investment fund BioPacificVentures has invested in a start-up company that develops on-the-spot chemical testing devices.

The Australian company Cleveland Biosensors has released a hand-held testing device - BioFiniti - which tests for toxins, residues and pathogens. Cleveland chief executive Brett Kettle said the device cut the time it took to identify chemicals from days to minutes.

The investment is the second by the $100 million fund, after last month's associated buy-out of New Zealand Pharmaceuticals with other Direct Capital funds.

BioPacificVentures is a joint venture between private equity investor Direct Capital, AgResearch and life science venture capital firm Inventages. Nestle and Wrightson are cornerstone investors.

- NZPA